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Discussions run by brokers, for brokers long overdue

Brokers are coming together to discuss the industry hot topics, filling the gap of peer-to-peer discussion many believe is missing from industry associations. Today on BrokerTV, we speak to Stephen Dinte of the Independent Finance Brokers Forum (IFBF) who says the panel discussions are a case of brokers helping brokers.

Video transcript below:

Stephanie Zillman, Australian Broker TV
Stephanie Zillman: Brokers are coming together to discuss the industry hot topics filling the gap of peer to peer discussion many believe is missing from industry associations. Stephen Dinte of the Independent Finance Brokers Forum says the panel discussions are brokers helping brokers.

Stephen Dinte, Independent Finance Brokers Forum

Stephen Dinte: Brokers, brokers are looking for some answers and we believe as the IFBF and we are a non-profit organisation, we’re not out there trying to reinvent the wheel, but it’s just the fact that we’re a group of mortgage brokers trying to fight well, we are all volunteers, by trying to help our fellow brokers to be more successful in the industry.

Stephanie Zillman: Dinte says the point of hosting the discussions is a simple one, improving profitability.

Stephen Dinte: We get people to come out and talk to our brokers who are going to provide value in that, what our goal is, is to help brokers become more profitable. So people who can come along and offer products and services to brokers, that are just going to help them lift that profitability factor is very important.

Stephanie Zillman: Discussions run by brokers for brokers may be long overdue and Stephen Dinte says brokers have a need to discuss issues separate to that of the aggregator.

Stephen Dinte: Historically aggregators have been holding meetings and disseminating information to brokers that potentially is beneficial to the aggregator. We are having meetings that are designed to benefit solely the broker and the feedback we get from our members has been super positive. The IFBF is run by a group of volunteers, I have got a fantastic steering committee working with me and these people donate their time to try and make the IFBF something of value to our members. It’s yeah our slogan our motto, is brokers helping brokers and that’s what we are there for, that’s what we are trying to do.

Stephanie Zillman: So what’s getting brokers talking?

Stephen Dinte: The hot topic at the moment is the issue of trail income and that is that, within the finance broking field, finance brokers are able to take their trails from dealer group to dealer group, yet within the mortgage broking business, people are shackled to their aggregator and the aggregators are saying that you can’t transfer your trail income, when I say that not all the aggregators are doing that, but a lot are and at the end of the day all that the IFBF is trying to do, is find out where in fact the truth lies.

Stephanie Zillman: While the IFBF currently organises meetings in Sydney, before long Dinte hopes to see these types of broker led discussions happening Australia wide.

Stephen Dinte: The panel discussions we are having this month is, we believe the start of something that will grow. Obviously we don’t expect to get total solution today, this month, possibly even this year. But if we can start a movement where people are asking questions, where the various parties can come together, so it’s the banks, the aggregators, the associations, both associations are positive towards change and we are hoping as I said that, this meeting this panel discussion that we are having this month, we are on the 26th April, 10.30, Rosehill Bowling Club, just throwing the plug, we will begin something and we will start a movement to have some change occur.

Stephanie Zillman: This is Stephanie Zillman reporting for Australian Broker TV.